If your home is already full-to-bursting and your kids are growing fast, you may be toying between moving house and extending. And it’s no easy decision with both options costing money and causing a lot of upheaval. So, if you’re wondering whether to extend or sell up, then read on.
The pros and cons of extending
Extending your house could give you all the extra space you need, where you need it. Which to some is priceless. However, in real terms, getting a house extension costs as much as £125,000. So, let’s take a close look at the pros and cons.
There are plenty of options to extend your home. So, you can tailor your extension plans to increase room sizes, add extra rooms, or both. Rear glazed extensions can also bring more light into the home and connect it better to your garden. Meanwhile, a loft extension makes good use of existing space and reduces building costs. And a double-storey extension maximises both living and bedroom space, giving your family ample room to grow.
All this sounds great, doesn’t it? But there are some important sticking points to consider too. The biggest is planning permission. This can be a lengthy process. Especially if you live in a conservation or green belt area or live in a listed building. You can make it easier by staying within the permitted development of six to eight metres to bypass planning consent. But this may not give you enough space.
The other thing to consider is whether you have the space to extend. Will extending take up the whole of your garden? If so, it could easily devalue your home. Plus, the cost of a large extension could be far more than simply moving to a bigger home. And of course, a big extension needs designing and foundations laying, on top of the other building work. The mess and disruption to family life can be difficult to deal with.
The pros and cons of selling up
So, is it better to sell up and move? Well, this depends on your location, how the housing market is doing in your area and how attached you are to your current home.
Let’s start with the plusses of selling up and moving. And the big win here is that you’ll (almost) instantly have more space. No need to bring in builders and mess. And it can be cheaper to do. There is stamp duty to consider and the selling fees of course. But this may be a lot less than the cost of an extension, especially if you need much more space.
But there are a few things that could make this solution more complicated. Firstly, you’re likely to need to find a buyer for your own home before you can move. And if your home doesn’t have a modern and fresh interior, it may not attract a buyer or the full asking price.
Secondly, is there a suitable property on the market in your preferred area? Some highly desirable areas are short of choice and that pushes house prices up. You may find that moving means making compromises on where your new home is or how it looks.
Do I extend or sell up?
Looking at the options, it’s clear that whether you move or extend is a personal choice that depends a lot on where you live and what you need. Both have their upsides and downsides to consider carefully. The most important thing to do is speak with your family and make a decision that suits everyone.
